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Financial literacy and its determinants and consequences: New survey evidence from Finland
Pellervo Economic Research PTT, Helsinki, Finland.ORCID iD: 0009-0008-2647-6062
Pellervo Economic Research PTT, Helsinki, Finland.
University of Vaasa, Vaasa, Finland.
Pellervo Economic Research PTT, Helsinki, Finland.
2023 (English)In: Journal of Financial Literacy and Wellbeing, E-ISSN 2753-3212, Vol. 1, no 2, p. 368-402Article in journal (Refereed) Published
Abstract [en]

We examine financial literacy in Finland and its connection with various financial outcomes usingnovel survey data collected in 2023. While the overall Finnish financial literacy level is about averageamong the OECD countries, there is significant heterogeneity within the population. Women havelower financial literacy than men. The young and the old have lower financial literacy thanrespondents in their prime working age, and entrepreneurs have higher financial literacy than othergroups. Financial literacy is also correlated with higher educational levels. We further study therelationship between financial literacy and a number of economic outcome variables. We findfinancial literacy to be negatively related to coping with a major expense, facing an income shock,and with perceived over-indebtedness. However, we do not find a statistically significantrelationship between financial literacy and retirement planning in Finland.

Place, publisher, year, edition, pages
2023. Vol. 1, no 2, p. 368-402
Keywords [en]
financial literacy, financial fragility, over-indebtedness, retirement planning, Finland
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:mdh:diva-69653DOI: 10.1017/flw.2023.14OAI: oai:DiVA.org:mdh-69653DiVA, id: diva2:1922239
Available from: 2024-12-18 Created: 2024-12-18 Last updated: 2025-10-10Bibliographically approved

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Vaahtoniemi, SaaraButurak, Gökhan
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  • apa
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  • nn-NO
  • nn-NB
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  • asciidoc
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